First-Quarter Highlights:
-
Total company revenue up 13 percent year-over-year
-
Consolidated operating earnings declined 36 percent from prior year
-
Net earnings per diluted share totaled $0.37
-
Cash flow from operations increased 38 percent from prior year to $173
million
-
Full-year 2018 net earnings outlook unchanged
OVERLAND PARK, Kan.--(BUSINESS WIRE)--May 1, 2018--
Compass Minerals (NYSE: CMP) reported net earnings of $12.6 million, or
$0.37 per diluted share, for the quarter, compared to earnings of $21.5
million, or $0.63 per diluted share, in the prior-year period. While
first-quarter 2018 revenue grew 13 percent from 2017 results, increased
costs in the Salt and Plant Nutrition North America segments drove a 36
percent decline in operating earnings.
“We are encouraged by the return of winter weather both in the U.K. and
North America as well as stable conditions in our agriculture markets,
which have resulted in revenue growth for the company,” said Fran
Malecha, Compass Minerals’ president and CEO. “With better deicing
market fundamentals expected in the salt business as well as our
strengthened portfolio of specialty plant nutrients and strong
commercialization platform, we are poised to drive continued top-line
growth for the rest of the year. In addition we are working diligently
to improve our operations and increase our profitability.”
|
Compass Minerals Financial Results
(in millions, except for earnings per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
$
|
437.9
|
|
|
$
|
387.8
|
|
|
Operating earnings
|
|
|
|
|
|
|
|
|
|
|
$
|
26.6
|
|
|
$
|
41.4
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
6.1
|
%
|
|
10.7
|
%
|
|
Net earnings
|
|
|
|
|
|
|
|
|
|
|
$
|
12.6
|
|
|
$
|
21.5
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
$
|
0.37
|
|
|
$
|
0.63
|
|
|
EBITDA(1)
|
|
|
|
|
|
|
|
|
|
|
$
|
65.0
|
|
|
$
|
69.9
|
|
|
Adjusted EBITDA(1)
|
|
|
|
|
|
|
|
|
|
|
$
|
60.8
|
|
|
$
|
69.8
|
|
|
(1)
|
|
EBITDA (earnings before interest, taxes, depreciation and
amortization) and adjusted EBITDA are non-GAAP financial measures.
Reconciliations to the most directly comparable GAAP financial
measures are provided in tables at the end of this press release.
|
|
|
|
|
SALT BUSINESS SUMMARY (segment
financial results tables located at end of press release)
First-quarter salt segment revenue rose 15 percent, or $41.1 million,
from prior-year first-quarter results to $315.9 million, due to a 22
percent increase in highway deicing revenue offset partially by a 2
percent decline in consumer and industrial revenue. A strong winter in
the U.K. and a return to more typical winter weather in North America
pushed sales volumes of highway deicing products up 22 percent from
prior-year results, while average selling prices for these products were
essentially unchanged from first-quarter 2017 results. Consumer and
industrial revenue was negatively impacted by lower sales volumes,
partially offset by improved average selling prices.
Salt segment operating earnings totaled $34.1 million, compared to $45.4
million in the first quarter of 2017. Earnings for this segment were
pressured by increased logistics costs as well as higher-cost carryover
inventory produced last year and sold in the first quarter of 2018.
Approximately $20 million in increased logistic and production costs
primarily resulted from the ceiling fall incident at the Goderich mine
last year, which led the company to use rock salt from its Louisiana
mine to serve customers in the Great Lakes region in the first quarter.
Winter Weather Effect
Winter weather events in the first quarter in North America were
approximately 11 percent above the 10-year average; however, due to the
geographic focus of winter weather this year, our sales benefited only
modestly. As a result, we are reporting a moderate benefit from winter
for the first quarter and the full 2017-2018 winter season impact was
negligible.
|
Estimated Effect of Winter Weather on Salt Segment Performance
(dollars in millions)
|
|
|
|
|
Three months ended March 31,
|
|
|
Winter Season(1)
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Favorable (unfavorable) to average weather:
Sales
|
|
|
$15 to $20
|
|
|
($30) to ($35)
|
|
|
Negligible
|
|
|
($30) to ($35)
|
|
Operating earnings
|
|
|
$4 to $8
|
|
|
($14) to ($18)
|
|
|
Negligible
|
|
|
($14) to ($18)
|
|
(1)
|
|
Includes estimated impact for the three months ended March 31
and the three months ended December 31.
|
|
|
|
|
Goderich mine update
On April 27, 2018, a strike began at the company’s mine in Goderich,
Ontario. The company has been in negotiations with the union since early
March 2018 with the goal of reaching a negotiated agreement that
represents the mine’s current operational environment with continuous
mining and continuous haulage. The company has implemented contingency
plans and expects to safely operate the mine at or near its planned
operating rates for the balance of 2018.
PLANT NUTRITION BUSINESS SUMMARY
Although wet and cold weather resulted in delays in the application of
some fertilizer products in North America, sales volumes and revenues of
our specialty plant nutrients outpaced prior-year results in both North
and South America.
The Plant Nutrition North America segment generated revenue of $52.9
million in the first quarter of 2018, which was an 8 percent increase
from 2017 first-quarter results. Sales volumes for the segment rose 10
percent from prior-year results, while average selling prices declined 2
percent, primarily driven by a lower-priced sales mix within
micronutrients when compared to the prior year.
Operating earnings for the Plant Nutrition North America segment
declined $2.7 million year-over-year to $4.9 million. In addition to
lower average selling prices in the first quarter, increases in
production costs contributed to the decline and reduced operating margin
to 9.3 percent. The increase in production costs primarily resulted from
an increase in depreciation associated with the commissioning of new
production assets at the company's Ogden, Utah, sulfate of potash (SOP)
plant and higher-cost carryover inventory compared to the prior year.
The Plant Nutrition South America segment reported an 8 percent increase
in revenue driven by a 10 percent improvement in agriculture revenue and
a 5 percent improvement in chemical solutions revenue. In local
currency, segment revenue grew 11 percent year-over-year, with
agriculture revenue increasing 13 percent and chemical solutions revenue
up 8 percent.
The improved agriculture sales resulted from a 2 percent year-over-year
increase in sales volumes and an 8 percent increase in average selling
price as customers purchased more higher-value products in the 2018
quarter compared to the prior year. Sales volumes of chemical solutions
increased 10 percent, while average selling prices declined 4 percent
primarily due to shifts in product sales mix.
Plant Nutrition South America operating earnings of $0.8 million were
ahead of internal expectations for the 2018 first quarter, which is
typically the lowest earnings quarter of the year. First-quarter 2017
operating earnings totaled $1.8 million, which included a $1.9 million
benefit related to the finalization of the Produquímica purchase price.
EBITDA for the quarter increased 27 percent from 2017 results when
excluding the prior-year benefit.
OTHER FINANCIAL HIGHLIGHTS
Cash flow from operations increased 38 percent to $173 million from
first-quarter 2017 results, primarily due to improvements in working
capital.
Sales, general and administrative expense decreased 3 percent
year-over-year and represented 8.9 percent of total revenue compared to
10.4 percent in the first quarter of 2017. This decline was primarily
attributable to the impact of a restructuring plan introduced in July
2017 designed to reduce ongoing costs and further streamline the
organization.
Other income in the first quarter of 2018 totaled $4.2 million compared
to $0.1 million in the year-ago quarter. This increase was driven by
interest income and gains in foreign exchange.
OUTLOOK
With snow events in our served markets in North America continuing into
April and strong demand in the U.K., the company expects second-quarter
2018 salt revenue to increase from prior-year results. Anticipated
improvements in mining rates are expected to drive better margin
performance going forward. In addition, we anticipate the increase in
winter weather in the 2017-2018 season is likely to result in favorable
market dynamics for salt producers in the upcoming North American
highway deicing bid season.
While the Plant Nutrition North America segment reported volume and
revenue growth in the first quarter, sales in the second quarter are
expected to be pressured by the shortened planting season due to
inclement weather in North America. Lower sales, particularly of
micronutrients, in addition to the continued impact of increased
depreciation are expected to result in operating margins similar to
first quarter 2018 results.
The outlook for Plant Nutrition South America remains unchanged as
better agriculture market fundamentals and improving economic conditions
are expected to support continued revenue and earnings growth.
|
|
2018 OUTLOOK:
FULL YEAR EPS - $2.75 to $3.25
|
|
|
|
|
2Q18
|
|
|
FY18
|
|
Salt Segment
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
|
11.8 million to 12.6 million tons
|
|
Revenue
|
|
|
$105 million to $120 million
|
|
|
|
|
Operating earnings margin
|
|
|
12% to 14%
|
|
|
|
|
Plant Nutrition North America Segment
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
|
320,000 to 350,000 tons
|
|
Revenue
|
|
|
$40 million to $50 million
|
|
|
|
|
Operating earnings margin
|
|
|
8% to 10%
|
|
|
|
|
Plant Nutrition South America Segment
|
|
|
|
|
|
|
|
Volume
|
|
|
|
|
|
700,000 to 900,000 tons
|
|
Revenue
|
|
|
$70 million to $80 million
|
|
|
|
|
Operating earnings margin
|
|
|
2% to 3%
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
Corporate and other expense
|
|
|
|
|
|
~$59 million
|
|
Interest expense
|
|
|
|
|
|
~$57 million
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
~$140 million
|
|
Capital expenditures
|
|
|
|
|
|
less than $100 million
|
|
Effective tax rate
|
|
|
|
|
|
~25%
|
|
|
|
|
|
|
|
|
Conference Call
Compass Minerals will discuss its results on a conference call tomorrow
morning, Wednesday, May 2, 2018, at 9:00 a.m. ET. To access the
conference call, interested parties should visit the company’s website
at www.CompassMinerals.com
or dial 877-614-0009. Callers must provide the conference ID number
3347977. Outside of the U.S. and Canada, callers may dial 720-452-9074.
Replays of the call will be available on the company’s website. A
summary of the company’s performance is included in a presentation
available at www.compassminerals.com/investorrelations.
About Compass Minerals
Compass Minerals is a leading provider of essential minerals that solve
nature’s challenges, including salt for winter roadway safety and other
consumer, industrial and agricultural uses, and specialty plant
nutrition minerals that improve the quality and yield of crops. The
company produces its minerals at locations throughout the U.S., Canada,
Brazil and the U.K. For more information about Compass Minerals and its
products, please visit www.compassminerals.com.
Non-GAAP Measures
Management uses a variety of measures to evaluate the company’s and its
operating segments’ performance. While the consolidated financial
statements provide an understanding of the company’s overall results of
operations, financial condition and cash flows, management analyzes
components of the consolidated financial statements to identify certain
trends and evaluate specific performance areas. In addition to using
U.S. generally accepted accounting principles (“GAAP”) financial
measures, management uses EBITDA and EBITDA adjusted for items which
management believes are not indicative of the company’s ongoing
operating performance (“Adjusted EBITDA”) to evaluate the operating
performance of the company’s core business operations because its
resource allocation, financing methods, cost of capital and income tax
positions are managed at a corporate level, apart from the activities of
the operating segments, and the operating facilities are located in
different taxing jurisdictions, which can cause considerable variation
in net earnings. The company also uses EBITDA and Adjusted EBITDA to
assess its consolidated and segment operating performance and return on
capital against other companies and to evaluate potential acquisitions
or other capital projects. These measures are not calculated under GAAP
and should not be considered in isolation or as a substitute for net
earnings, operating earnings, cash flows or other financial data
prepared in accordance with GAAP or as a measure of overall
profitability or liquidity. EBITDA and Adjusted EBITDA exclude interest
expense, income taxes and depreciation and amortization, each of which
are an essential element of the company’s cost structure and cannot be
eliminated. Consequently, any measure that excludes these elements has
material limitations. While EBITDA and Adjusted EBITDA are frequently
used as measures of operating performance, these terms are not
necessarily comparable to similarly titled measures of other companies
due to the potential inconsistencies in the method of calculation. The
calculation of EBITDA and Adjusted EBITDA as used by management is set
forth in the following tables.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including without limitation statements about market fundamentals,
conditions and dynamics; the company’s ability to drive growth, improve
operations and increase profitability; Goderich mine operating rates;
mining rates; margin performance; weather; economic conditions; and the
company’s outlook for the second quarter of 2018 and the full year of
2018, including its expectations regarding earnings per share (“EPS”),
volumes, revenue, operating earnings margin, corporate and other
expense, interest expense, depreciation, depletion and amortization,
capital expenditures and tax rates. We use words such as “may,” “would,”
“could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and
similar expressions suggesting future outcomes or events to identify
forward-looking statements or forward-looking information. These
statements are based on the company’s current expectations and involve
risks and uncertainties that could cause the company’s actual results to
differ materially. The differences could be caused by a number of
factors, including without limitation (i) weather conditions, (ii)
pressure on prices and impact from competitive products, (iii) any
inability by the company to fund necessary capital expenditures or
successfully implement any capital projects, (iv) strikes, other forms
of work stoppage or slowdown or other union activities, including the
Goderich mine strike, the length of the Goderich mine strike, any
inability to successfully implement the company's contingency plans and
any costs associated with ongoing negotiations or any final agreement
with the union, (v) foreign exchange rates and the cost and availability
of transportation for the distribution of the company’s products, and
(vi) any inability by the company to successfully implement its cost
savings initiatives. For further information on these and other risks
and uncertainties that may affect the company’s business, see the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of the company’s Annual
Report on Form 10-K for the year ended December 31, 2017 and Quarterly
Report on Form 10-Q for the quarter ended March 31, 2018 filed or to be
filed with the SEC. The company undertakes no obligation to update any
forward-looking statements made in this press release to reflect future
events or developments. Because it is not possible to predict or
identify all such factors, this list cannot be considered a complete set
of all potential risks or uncertainties.
|
|
Salt Segment Performance
(unaudited, in millions,
except for sales volumes and prices per short ton)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Sales
|
|
|
|
$
|
315.9
|
|
|
|
$
|
274.8
|
|
|
Operating earnings
|
|
|
|
$
|
34.1
|
|
|
|
$
|
45.4
|
|
|
Operating margin
|
|
|
|
10.8
|
%
|
|
|
16.5
|
%
|
|
EBITDA(1)
|
|
|
|
$
|
48.8
|
|
|
|
$
|
58.3
|
|
|
EBITDA(1) margin
|
|
|
|
15.4
|
%
|
|
|
21.2
|
%
|
|
Sales volumes (in thousands of tons):
|
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
|
4,262
|
|
|
|
3,491
|
|
|
Consumer and industrial
|
|
|
|
502
|
|
|
|
542
|
|
|
Total salt
|
|
|
|
4,764
|
|
|
|
4,033
|
|
|
Average sales prices (per ton):
|
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
|
$
|
55.24
|
|
|
|
$
|
55.25
|
|
|
Consumer and industrial
|
|
|
|
$
|
160.26
|
|
|
|
$
|
151.25
|
|
|
Total salt
|
|
|
|
$
|
66.32
|
|
|
|
$
|
68.14
|
|
|
(1)
|
|
EBITDA is a non-GAAP financial measure. A reconciliation of
GAAP operating earnings to EBITDA follows.
|
|
|
|
|
|
|
|
Reconciliation for Salt Segment EBITDA
(unaudited, in millions)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Reported GAAP segment operating earnings
|
|
|
|
$
|
34.1
|
|
|
|
$
|
45.4
|
|
|
Depreciation, depletion and amortization
|
|
|
|
14.7
|
|
|
|
12.9
|
|
|
Segment EBITDA
|
|
|
|
$
|
48.8
|
|
|
|
$
|
58.3
|
|
|
Segment sales
|
|
|
|
315.9
|
|
|
|
274.8
|
|
|
Segment EBITDA margin
|
|
|
|
15.4
|
%
|
|
|
21.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant Nutrition North America Segment Performance
(unaudited,
dollars in millions, except for prices per short ton)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Sales
|
|
|
|
$
|
52.9
|
|
|
|
$
|
49.2
|
|
|
Operating earnings
|
|
|
|
$
|
4.9
|
|
|
|
$
|
7.6
|
|
|
Operating margin
|
|
|
|
9.3
|
%
|
|
|
15.4
|
%
|
|
EBITDA(1)
|
|
|
|
$
|
16.2
|
|
|
|
$
|
16.5
|
|
|
EBITDA(1) margin
|
|
|
|
30.6
|
%
|
|
|
33.5
|
%
|
|
Sales volumes (in thousands of tons)
|
|
|
|
87
|
|
|
|
79
|
|
|
Average sales price (per ton)
|
|
|
|
$
|
610
|
|
|
|
$
|
624
|
|
|
(1)
|
|
EBITDA is a non-GAAP financial measure. A reconciliation of
GAAP operating earnings to EBITDA follows.
|
|
|
|
|
|
|
|
Reconciliation for Plant Nutrition North America Segment EBITDA
(unaudited, in millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
4.9
|
|
|
|
$
|
7.6
|
|
|
Depreciation, depletion and amortization
|
|
|
11.3
|
|
|
|
8.9
|
|
|
Segment EBITDA
|
|
|
$
|
16.2
|
|
|
|
$
|
16.5
|
|
|
Segment sales
|
|
|
52.9
|
|
|
|
49.2
|
|
|
Segment EBITDA margin
|
|
|
30.6
|
%
|
|
|
33.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant Nutrition South America Segment Performance
(unaudited,
dollars in millions, except for prices per short ton)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Sales
|
|
|
$
|
66.3
|
|
|
|
$
|
61.3
|
|
|
Operating earnings
|
|
|
$
|
0.8
|
|
|
|
$
|
1.8
|
|
|
Operating margin
|
|
|
1.2
|
%
|
|
|
2.9
|
%
|
|
EBITDA(1)
|
|
|
$
|
6.6
|
|
|
|
$
|
7.1
|
|
|
EBITDA(1) margin
|
|
|
10.0
|
%
|
|
|
11.6
|
%
|
|
Sales volumes (in thousands of tons)
|
|
|
|
|
|
|
|
Agriculture
|
|
|
61
|
|
|
|
60
|
|
|
Chemical solutions
|
|
|
79
|
|
|
|
72
|
|
|
Total sales volumes
|
|
|
140
|
|
|
|
132
|
|
|
Average sales prices (per ton):
|
|
|
|
|
|
|
|
Agriculture
|
|
|
$
|
646
|
|
|
|
$
|
599
|
|
|
Chemical solutions
|
|
|
$
|
339
|
|
|
|
$
|
354
|
|
|
Total Plant Nutrition South America
|
|
|
$
|
473
|
|
|
|
$
|
465
|
|
|
(1)
|
|
EBITDA is a non-GAAP financial measure. A reconciliation of
GAAP operating earnings to EBITDA follows.
|
|
|
|
|
|
|
|
Reconciliation for Plant Nutrition South America Segment EBITDA
(unaudited, in millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
0.8
|
|
|
|
$
|
1.8
|
|
|
Depreciation, depletion and amortization
|
|
|
5.9
|
|
|
|
5.3
|
|
|
Loss in equity method investee
|
|
|
(0.1
|
)
|
|
|
—
|
|
|
Segment EBITDA
|
|
|
$
|
6.6
|
|
|
|
$
|
7.1
|
|
|
Segment sales
|
|
|
66.3
|
|
|
|
61.3
|
|
|
Segment EBITDA margin
|
|
|
10.0
|
%
|
|
|
11.6
|
%
|
|
|
|
|
Reconciliation for EBITDA and Adjusted EBITDA
(unaudited,
in millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Net earnings
|
|
|
$
|
12.6
|
|
|
|
$
|
21.5
|
|
|
Interest expense
|
|
|
13.7
|
|
|
|
13.7
|
|
|
Income tax expense
|
|
|
4.4
|
|
|
|
6.3
|
|
|
Depreciation, depletion and amortization
|
|
|
34.3
|
|
|
|
28.4
|
|
|
EBITDA
|
|
|
$
|
65.0
|
|
|
|
$
|
69.9
|
|
|
Adjustments to EBITDA:
|
|
|
|
|
|
|
|
Other income, net(1)
|
|
|
(4.2
|
)
|
|
|
(0.1
|
)
|
|
Adjusted EBITDA
|
|
|
$
|
60.8
|
|
|
|
$
|
69.8
|
|
|
(1)
|
|
Primarily includes interest income and foreign exchange gains
and losses.
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Sales
|
|
|
$
|
437.9
|
|
|
|
$
|
387.8
|
|
|
Shipping and handling cost
|
|
|
120.1
|
|
|
|
93.7
|
|
|
Product cost
|
|
|
252.4
|
|
|
|
212.5
|
|
|
Gross profit
|
|
|
65.4
|
|
|
|
81.6
|
|
|
Selling, general and administrative expenses
|
|
|
38.8
|
|
|
|
40.2
|
|
|
Operating earnings
|
|
|
26.6
|
|
|
|
41.4
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
Interest expense
|
|
|
13.7
|
|
|
|
13.7
|
|
|
Net loss in equity investee
|
|
|
0.1
|
|
|
|
—
|
|
|
Other, net
|
|
|
(4.2
|
)
|
|
|
(0.1
|
)
|
|
Earnings before income taxes
|
|
|
17.0
|
|
|
|
27.8
|
|
|
Income tax expense
|
|
|
4.4
|
|
|
|
6.3
|
|
|
Net earnings
|
|
|
$
|
12.6
|
|
|
|
$
|
21.5
|
|
|
Basic net earnings per common share
|
|
|
$
|
0.37
|
|
|
|
$
|
0.63
|
|
|
Diluted net earnings per common share
|
|
|
$
|
0.37
|
|
|
|
$
|
0.63
|
|
|
Cash dividends per share
|
|
|
$
|
0.72
|
|
|
|
$
|
0.72
|
|
|
Weighted-average common shares outstanding (in thousands):(1)
|
|
|
|
|
|
|
|
Basic
|
|
|
33,836
|
|
|
|
33,802
|
|
|
Diluted
|
|
|
33,836
|
|
|
|
33,803
|
|
|
(1)
|
|
Excludes weighted participating securities such as RSUs and
PSUs that receive non-forfeitable dividends, which consist of
163,000 and 157,000 weighted participating securities for the
three months ended March 31, 2018 and March 31, 2017, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
ASSETS
|
|
Cash and cash equivalents
|
|
|
$
|
44.5
|
|
|
|
$
|
36.6
|
|
Receivables, net
|
|
|
275.0
|
|
|
344.5
|
|
Inventories
|
|
|
217.2
|
|
|
289.9
|
|
Other current assets
|
|
|
59.8
|
|
|
66.5
|
|
Property, plant and equipment, net
|
|
|
1,124.8
|
|
|
1,138.1
|
|
Intangible and other noncurrent assets
|
|
|
691.5
|
|
|
695.4
|
|
Total assets
|
|
|
$
|
2,412.8
|
|
|
|
$
|
2,571.0
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
Current portion of long-term debt
|
|
|
$
|
32.3
|
|
|
|
$
|
32.1
|
|
Other current liabilities
|
|
|
218.8
|
|
|
235.9
|
|
Long-term debt, net of current portion
|
|
|
1,218.2
|
|
|
1,330.4
|
|
Deferred income taxes and other noncurrent liabilities
|
|
|
274.4
|
|
|
278.0
|
|
Total stockholders' equity
|
|
|
669.1
|
|
|
694.6
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
2,412.8
|
|
|
|
$
|
2,571.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited, in millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
Net cash provided by operating activities
|
|
|
$
|
173.0
|
|
|
|
$
|
125.2
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(23.0
|
)
|
|
|
(21.0
|
)
|
|
Other, net
|
|
|
(0.6
|
)
|
|
|
(1.3
|
)
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(23.6
|
)
|
|
|
(22.3
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from revolving credit facility borrowings
|
|
|
63.8
|
|
|
|
18.3
|
|
|
Principal payments on revolving credit facility borrowings
|
|
|
(186.2
|
)
|
|
|
(101.7
|
)
|
|
Proceeds from issuance of long-term debt
|
|
|
16.0
|
|
|
|
10.9
|
|
|
Principal payments on long-term debt
|
|
|
(5.6
|
)
|
|
|
(21.3
|
)
|
|
Acquisition-related contingent consideration payment
|
|
|
—
|
|
|
|
(14.7
|
)
|
|
Dividends paid
|
|
|
(24.5
|
)
|
|
|
(24.4
|
)
|
|
Deferred financing costs
|
|
|
(0.3
|
)
|
|
|
—
|
|
|
Proceeds received from stock option exercises
|
|
|
—
|
|
|
|
0.2
|
|
|
Other, net
|
|
|
—
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(136.8
|
)
|
|
|
(132.0
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(4.7
|
)
|
|
|
0.6
|
|
|
Net change in cash and cash equivalents
|
|
|
7.9
|
|
|
|
(28.5
|
)
|
|
Cash and cash equivalents, beginning of the year
|
|
|
36.6
|
|
|
|
77.4
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
44.5
|
|
|
|
$
|
48.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180501006637/en/
Source: Compass Minerals
Compass Minerals
Investor Contact
Theresa L.
Womble, +1-913-344-9362
Director of Investor Relations
womblet@compassminerals.com
or
Media
Contact
Tara Hefner, +1-913-344-9319
Manager of Corporate
Affairs
MediaRelations@compassminerals.com